xbrl overview by liv watson
DESCRIPTION
Basic Overview of XBRL“… in this networked world, there is a need for greater flow of knowledge across boundaries.…. knowledge needs structure - without structure you cannot retrieve it efficiently and you cannot personalize…the internet has facilitated access to information, but complicated the task of identifying relevant knowledgeTRANSCRIPT
XBRL Overview XBRL Overview
Presented by:
Liv A. Watson – Vice President of XBRL Strategies
XBRL International Nordic Country Representative
EDGAR Online, USA (Nasdaq: EDGR)
Stockholm, Sweden March 19, 2004
Source: Evansville Courier and Press
Is There A Problem?
Find the best solution to connect the nine points
together with no more than four straight lines
without lifting your writing instrument.
Whatassumptions
are you making?
Henry Dudeney was born 144 years ago – 10th April 1857
If you do not assume that you cannot extend your
lines beyond the imaginary square formed by the
box the puzzle becomes easier to solve.
“Everything “that can be invented “has been invented.”
Charles H. DuellCommissioner of U.S. Office of Patents,
urging President William McKinley to abolish his office, 1899
Don’t assume that the lines must pass
through the center of the dots.
Don’t assume that the line
must be thin.
Just to prove I can do it with two lines.
Don’t assume that the paper must be flat.
If you rip the paper into nine segments,
you can stack them
and poke your point through all at once.
Don’t assume that you cannot
crease the paper.
Don’t assume that
the lines cannot extend beyond
the edge of the paper.
Don’t assume that you cannot rip the paper.
“… in this networked world, there is a need for greater flow of knowledge across boundaries.
…. knowledge needs structure - without structure you cannot retrieve it efficiently and you cannot personalize
…the internet has facilitated access to information, but complicated the task of identifying relevant knowledge”
The Information Overload The Information Overload Challenge…Challenge…
Source: Quotes from TFPL Taxonomies for Business conference, London 23 October 2000
Interviews:Interviews:
• Workers spend 25% looking for information
• Return-on-investment calculations are rare
Analysis:Analysis:
• Companies pay workers $404 Billion to find information
• Financial and professional services firms will rush to enterprise portals
Forester Research Group - HighlightsForester Research Group - Highlights
XBRL is a Consortium similar to how the XBRL is a Consortium similar to how the U.P.C SealU.P.C Seal was developed ....was developed ....
“We showed that it could be done on a massive scale, that cooperation without antitrust implications was possible for the common good, and that business didn’t need the government to shove it in the right direction”
— Alan Haberman, Chairman, Symbol Standardization Subcommittee
“I think the industry has sold itself on a program that offers so little return that it simply won’t be worth the trouble and expense”
— A Midwest Chain Executive, 1975
99% of all packaged goods.
< TAG you are it !!! >< TAG you are it !!! >
Evolution to XBRLEvolution to XBRL
FTP, E-Mail,Gopher
Web Pages
Web Services
TCP/IP HTML
XML – 1996XBRL - 1998
Connectivity
Presentation
Automation
Browse the Web
Program the Web
Text Files
Inn
ova
tio
n
Technology
Is XBRL a safe bet?Is XBRL a safe bet? Yes, and here are 5 reasons why
XBRL can be easily understood by people and machines
XBRL is independent of programming language or platform
XBRL is driven by the end users and supported by all major software vendors
XBRL allows for industry specific taxonomy extensions XBRL is the only open standard for financial and
business reporting information exchange
XBRL ImpactXBRL Impact
“ … If Europe moves quickly to take up these
standards, it could give them an attractive lead in the race to accessible and comparative key data
that would stimulate investor interest. It would undoubtedly spawn a plethora of research tools
that would be useful to both private and professional investors.”
Source - Investors Chronicle, August 9, 2000
XBRLUsage & Adoption
XBRL Tools& Technology
The XBRLStandard
Specification&
Taxonomies
The Puzzle to XBRL StandardsThe Puzzle to XBRL Standards
Eric Cohen’s Dream
“pieces of business information can be entered anywhere
in a supply chain, flow into a company's general ledger, then be
reported out in any form needed by the company or its trading
Partners”
The Founding Father of XBRL /GL
ERP
“In-house”
Accounting
Documents Other Sources
Spreadsheets
PrintedFinancials
RegulatoryFilings
InternalReports
Analytics
Web sites
Investors
Creditors
Analysts
Regulators
ManagementXBRL
XBRL
XBRL
XBRL
XBRL Usage OverviewXBRL Usage Overview
XBRL Software Study XBRL-US announces results of XBRL software vendor study
SURVEY FINDS TWO-THIRDS OF ACCOUNTING SOFTWARE VENDORS HAVE
RELEASED OR ARE IN PROCESS OF RELEASING XBRL-
ENABLED PRODUCTS
XBRL Seen as ‘de facto’ Technology Standard for Reporting Financial Information
5 Aug 20035 Aug 2003
XBRL Tool for Excel & Word 2003XBRL Tool for Excel & Word 2003
"Through Internet delivery, XBRL will also provide analysts and investors with extensible financial data to make informed decisions about the company. We see XBRL as not only the future standard for publishing, delivery and use of financial information over the Web, but also as a logical business choice.“ - John Connors, Chief Financial Officer, Microsoft
Drivers for companies to provide financial Drivers for companies to provide financial information in an open standard :information in an open standard :
Reducing the cost of and time to distribute information
Communicating with previously unidentified consumers of information
Supplementing traditional disclosure practices Increasing the amount and type of data disclosed Improving access to potential investors Regulatory mandated
FDIC
When Will It Reach Critical Mass?When Will It Reach Critical Mass?
“The phonograph is of no commercial use”- (Thomas Edison,
1880)
“Everything that has been invented has been invented” - ( Charles Duel, Director US Patent Office, 1899)
“Who the hell wants to hear actors talking?”- (Harvey Warner,
1927)
“I think there is a world market for about five computers” - (Thomas J Watson, Chairman, IBM, 1943)
“There is no reason for any individual to have a computer in their home” - (Ken Oloson, President of Digital Equipment Corp., 1977)
“640k ought to be enough for anyone” - (Bill Gates, 1981)
Metcalfe’s Rule and XBRL AdoptionMetcalfe’s Rule and XBRL Adoption
Technology changes less in the short term than we believe;but the long-term impact is far greater than we realize.
2001 2007+2003 2005
Actual Rate of Adoption
Perceived Rate of Adoption
Applying Metcalfe’s Ruleof Technology ChangesTo XBRL
Concluding Remarks…..
Liv A. WatsonLiv A. WatsonEDGAR Online Inc – Vice President of XBRL Strategies
XBRL International Nordic Country Representative
E-mail: [email protected]
Phone: + 1 (203) 852-5703
Web: www.edgar-online.com
www.xbrl.se